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inflation rate is 2% per year Suppose your daughter is 10 years old, and you are planning to open an account to provide for her
inflation rate is 2% per year
Suppose your daughter is 10 years old, and you are planning to open an account to provide for her college education. Tuition for a year of college is now $15,000 and is expected to increase annually around a rate of inflation. You have saved $8,000 available to invest. What interest rate would you need to be able to pay for your daughter's first year of college eight years from now? (15 pts) Step by Step Solution
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